AI infrastructure stocks, including HUT 8, IREN, and Cipher Mining, sank as AMD tumbled 14% after posting weaker-than-expected fourth-quarter results.

Bitcoin (BTC $68,561.87) slipped back below $74,000 early in the U.S. session, wiping out Tuesday’s gains as tech sector weakness weighed on the crypto market.

The Nasdaq 100 dropped 1% following a 1.5% decline the day before. Software shares continued to slide, with the iShares Expanded Tech-Software ETF (IGV) falling another 4%, down 17% over just more than a week amid mounting concerns over AI-driven disruption.

Crypto miners, increasingly linked to AI infrastructure, mirrored the losses. Cipher Mining (CIFR), IREN, and Hut 8 (HUT) all fell more than 10%, reflecting the ripple effect from AMD’s disappointing guidance.

Gold also reversed an overnight gain, falling back below $5,000 after briefly touching $5,113 per ounce.

Mixed U.S. economic data

The ISM Services PMI for January held steady at 53.8, matching December’s revised reading and slightly beating expectations, signaling continued growth in the services sector.

However, private job growth slowed sharply, with ADP reporting just 22,000 new jobs—well below forecasts of 48,000 and December’s 37,000. The official January jobs report, normally due Friday, has been delayed until next week following a short government shutdown.

“Manufacturing has shed jobs every month since March 2024’s Main Street recession, and now professional services and large employers are showing weakness,” said Lekker Capital CIO Quinn Thompson, adding that markets may be underestimating the Fed’s potential stimulus in 2026.